accept offer or not, page-2

Hi dnsb,

I'm not an expert in the Canadian takeover laws. So these are my opinions based on information the Offer Document as some assumptions.

If you don't accept the offer and MMR has not got enough shares to reach 90% and compulsorily acquire the remaining shares. They mention they will may use market means available to acquire the shares. MMR might raise (sweeten) the offer or sit on the share registry as a majority shareholder. I'm sure others will be able to expand on this.

Right now we still have plenty of time. The offer has been extended until the 7 December as previously mentioned. If Gecamines play hard-ball, the offer might be extended again or not go through at all.

We haven't seen any announcements from MMR regarding how many shares they have acquired since the offer documents were released. We don't know to what extent the instos are selling or if they are holding on for a counter offer or an improved offer from MMR? As you know there has been tremendous turnover on the TSX and the amount of shares shortened has jumped significantly.

As CDI holders, we have the option to receive shares in AUD. I would "assume" (the offer document doesn't say) that if MMR happen gain the 90% necessary to compulsorily acquire remaining shares, the AUD option would still remain an option for CDI holders.

For others who wish to get the offer in CAD, the CAD/AUD has started to move into move more favourable terms with the last interest rate cut and the volatility in Europe. A possible RBA rate cut in December may help push the dollar lower again. Money market commentary suggests the CAD may gain some strength against the $US, and any increase in the price of oil also assists the CAD to strengthen. So it’s still one to watch.

I hope this has helped a little.

All the best.

KKR